Accounting Homework Help - FIFO - LIFO - Template Attached
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template.xlsxSheet1
| Leary | Month of April Inventory | Ending Inventory and COGS | ||
| Option #1- Mod 4- Protfolio Project Student Template | ||||
| Date | Inentory Activity | # Units | $ Cost | Total Cost |
| 1-Apr | Briginning Inventory (BI) | |||
| 5-Apr | Purchases (Transferred in or TI) | |||
| 10-Apr | Purchases (Transferred in or TI) | |||
| 15-Apr | Purchases (Transferred in or TI) | |||
| 20-Apr | Purchases (Transferred in or TI) | |||
| 25-Apr | Purchases (Transferred in or TI) | |||
| Q1: TOTAL | Goods Avail for Sale(units and $) | |||
| Given: Units sold (transferred out or TO) += | ||||
| MustKnow: | Inventory Formula= | |||
| Units = | ||||
| EI= | ||||
| Q2: Average cost= EI= Good available for sale$ / Goods available for sale units= | ||||
| EI= units in inventory * average cost= | ||||
| COGS= BI + TI - EI | ||||
| BI + TI = $4,200; EI = $3,500 | ||||
| Q3: LIFO= | First-In, Still-Here for EI = | EI= | ||
| COGS= BI + TI - EI | ||||
| BI + TI = EI = | ||||
| Q4: FIFO= | Last-In, Still- Here for EI= | EI | ||
| COGS= BI + TI - EI | ||||
| BI + TI = EI = | ||||
| Question 5- Show work speadsheet on how you calculated the numbers |
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Leary
Month of April Inventory
Option #1- Mod 4- Protfolio Project Student Template
Date
Inentory Activity
1-Apr
Briginning Inventory (BI)
5-Apr
Purchases (Transferred in or TI)
10-Apr
Purchases (Transferred in or TI)
15-Apr
Purchases (Transferred in or TI)
20-Apr
Purchases (Transferred in or TI)
